In Each Neighborhood There Lies a Special Shop; Etro's Madison Avenue Elegance

Despite the fact that it is housed in a six-story stucco and limestone building of classic elegance on a heavily trafficked shopping street, Etro has managed to keep a low profile.

Which is not to say that no one knows it's there, but simply that unlike some of its neighbors on Madison Avenue, it is hardly a household name. But it does have an almost cultlike following of Upper East Siders and foreign visitors who share the company's esthetic sensibility.

The Etro store, at 720 Madison Avenue, near 64th Street, is neither as coolly modern as the nearby Armani boutique nor as flamboyant as the Versace stores, but a warm mixture of the traditional and the idiosyncratic.

Mellow woods, broad staircases with elaborate metalwork, 19th-century paintings and antique curiosities give the interior the aura of a grand residence inhabited by a successful family, much like the Etros themselves.

Kean Etro, who designs the men's and women's ready-to-wear, describes his approach as ''poetic, not aggressive'' and inspired by many cultures.

''We are not for the idea of the power suit, not for men or the lady,'' he said the other day in a telephone interview from the Etro headquarters in Milan. ''It's a poetical approach, that clothing has to be soft and comfortable.''

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So he uses creamy cashmeres, soft silks and satins, plush fake furs and lush velvets for both sexes, in rich colors like burnt orange, blood red, grass green and aubergine.

Women's clothes range from blazers and hacking jackets in plaids or checks to ankle-length shearling coats that reverse to printed fabrics. For evening, there are bias-cut satin or velvet dresses, elaborately embroidered vests and lavish scarves decorated with beading. Jackets start at $950; sweaters at $350; scarves range from $120 to $811.

There are men's suits in the Savile Row genre, velvet evening jackets, and corduroy or cashmere sport coats. While cuts may be classic, there are surprising touches, like bright satin linings. Shirts come in solid colors like red, orange or purple, and in stripes that go in all directions. Men's suits start at $1,100; shirts at $95; ties at $90.

There is no fear of color in the Etro canon, and no fear of mixing patterns like stripes, checks and the company's signature paisleys. The paisley print appears not just on scarves and ties but also on handbags, shoes and home furnishings, all of which are arrayed on five floors of the New York store. The sixth floor is being turned into an apartment for the Etro family to use on visits here.

The Madison Avenue store opened in September 1996, around the same time as well-promoted competitors like Armani, Prada, Versace and Valentino opened their new stores. Small wonder that Etro slipped fairly quietly into the high-profile retail scene.